Alchemy Investments Acquisition Corp 1

Alchemy Investments Acquisition Corp 1 is a special purpose acquisition company, or blank check company, formed to find and merge with an operating business rather than run a traditional commercial business. It was incorporated in the Cayman Islands in 2021 and raised capital through an initial public offering and a private placement, with the proceeds held in trust while management searches for a target. In August 2025, the company announced a business combination agreement with Cartiga, LLC, signaling a transition from a pure SPAC structure toward an operating public company if the deal closes. Until that transaction is completed, the company’s value is driven mainly by its ability to execute the merger process, preserve trust-account capital, and satisfy shareholder and regulatory conditions.

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— Alchemy Investments Acquisition Corp 1
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Trust account capital0% Cash raised in the IPO and private placement and held in trust pending a qualifying business combination.
SPAC formation and financing0% The shell-company structure used to raise capital, issue units and private placement shares, and fund transaction costs.
Business combination execution100% The merger, share exchange, or similar transaction process used to acquire an operating business.

Alchemy Investments Acquisition Corp 1 does not sell products or services to end customers in the normal sense; its...

  • Public SPAC investorsprimary

    Buy units and shares for exposure to a future merger, with downside protection from trust-account mechanics and redemption rights.

  • Sponsor and placement investorssecondary

    Provide private placement capital and support the transaction process in exchange for founder economics and potential post-combination upside.

  • Target company ownersprimary

    Use the SPAC as a route to become a public company through a negotiated business combination.

The company is organized as a Cayman Islands exempted company, but its financing, banking relationships, and proposed...

  • •Cayman Islands incorporation defines the SPAC legal structure
  • •United States is the key market for the announced business combination
  • •Delaware entities are central to the proposed merger structure
  • •Cash is held with U.S. and multinational financial institutions
  • •No operating manufacturing or sales footprint has been disclosed

The company’s core strategy is to complete an initial business combination before the liquidation deadline and convert...

01
Close the Cartiga business combinationshort-term

The announced merger is the company’s path to becoming an operating business and creating post-combination equity value.

02
Maintain trust-account and liquidity disciplineshort-term

The company must preserve capital and manage extension deposits while it works toward closing.

03
Complete the transition to a public operating companymedium-term

A successful de-SPAC transaction changes the company from a financing vehicle into a business with operating assets, customers, and reporting complexity.

The most important risk is that the company may fail to complete its business combination before the deadline, which...

critical

Business combination may not close before the deadline

The company has no operating business and must complete a merger to avoid liquidation.

Scope
Could force dissolution and return of trust-account funds
Materiality
high
high

Dependence on banking counterparties

Most cash and cash equivalents are held with major U.S. and multinational financial institutions, some above insured limits.

Scope
Liquidity could be impaired if a bank fails or funds are temporarily inaccessible
Materiality
medium
high

Transaction execution and approval risk

The announced merger requires shareholder approval and customary closing conditions.

Scope
Deal timing, structure, or completion could change
Materiality
high
Trust account accounting
Affects liquidity presentation and redemption economics
Deferred underwriting fees
Creates a closing-related liability and affects transaction economics
Promissory notes and extension deposits
Affects working capital, trust balance, and merger proceeds

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: 11/08/2026